Sometimes you'll need to change the markups you're using for your parts, whether it be restoring the industry standard, or completely redoing them from scratch, this article will show you everything you need to know to do so.
To manage your parts markups within the Profit Rhino platform you'll need to navigate to Business Information tab on the left. This is where you can manage all of your information that will effect pricing throughout your entire price book. Below is a screen shot of the new look of this tab:
On the screen above you would click on the Parts Markups box and that will take you to your "Global Parts Markups" section of the price book.
Below is a screen shot of the "Global Parts Markup" screen. I'll walk you through all the different sections of this screen on the other side of it.
In the screen shot above you can see the "Industry Default" markup that comes with your Profit Rhino program. The parts markup that is loaded is a sliding scale that has your most inexpensive parts marked up more aggressively. That slides down to your expensive parts that are marked up much less aggressively. So a few examples of markups that are on the table are that a $1.00 part would be marked up 400%. That would make the retail price of that $1.00 part $5.00. You take the markup, then add the original cost and you have your retail price. So a good example in the middle of the tablet would be an $80.00 part, that falls in the $75.01-$100.00 range would be marked up 100%. So your retail price for that $80.00 part would be $160.00.
Like I stated above, this is just the industry default markup schedule that is preset in your account. This table is 100% customizable so if you want to make change you have a few different ways to do that. The first and easiest way is to select the "Delete All" button. That will effectively clear out your markup schedule and you can start from scratch. The other option is to "Edit" the current table and make changes to it. You can also add additional markups. You can do that by selecting the "Add Markup" button. That will allow you to add to the current markup that you have.
Below I'm attaching a screen shot that will walk you through how to create or add a markup from this "Parts Markups Schedule."
In the above image, you can see the screen that you have when you are editing or creating a new markup. You will just have enter the range of the markup - so lowest value is the start of the markup range. Then "Highest Value," is the highest end of the range that you are entering. You then have the option of using either "Markup %" or "Markup Profit %." Either way will allow you to enter your markup accurately then way that you want it.
After all of your edits are done, you can save the "Parts Markups Schedule" so that it takes place throughout your price book.
Below is a video that will walk you through how to make changes to your "Parts Markup Schedule" in Profit Rhino.